“I think the great leaders find partners who basically can exploit their weaknesses but not, kind of, dance on their strengths. Instead of hiring weaker versions of themselves they hire people that are tremendous experts at what they’re not.” – Donny Deutsch
When to bring them on? DO you actually bring them on as a partner?
I have clients who love being in control of their businesses. The technically may not have all of the necessary skills to continue to be the CEO of their companies. But no outside person would have the passion and level of commitment to the company that they have.
One client met someone on vacation and they were very impressed with their background and what they had to say. There were serious discussions as to the next steps to take.
When they got to the negation stage things came to a screeching halt. The would be partner wanted a significant equity stake as well as a medium six figure salary, before they made a real suggestion or recommendation to prove their worth.
My client was not interested in handing over large chunks of the business over on the possibility of what this person might or might not be able to bring to the company; especially after hiring a high profile consultant, who greatly under performed on the expectations.
Another client was looking to take the business to the next level and felt that they needed some outside expertise to assist them. After spelling out the company’s details and hearing how equity would not be part of the equation. One applicant after stating that money was not an issue demanding a ridiculous salary and a high equity stake.
This gentleman was a pass since he apparently was not able to comprehend the details after it was explained to him.
It is always appears easy when discussing finding the yang to your ying. But the reality of it is far from fun and never easy.